Best Business Books: I

From the acclaimed popular historian Richard Snow comes a fresh and entertaining account of Henry Ford and his invention of the Model T--the ugly, cranky, invincible machine that defined twentieth-century America. In the early twentieth century the agent of creative destruction was the gasoline engine, as put to work by an unknown and relentlessly industrious young man named Henry Ford. Growing up as a Michigan farm boy with a bone-deep loathing of farming, Ford intuitively saw the advantages of internal combustion. Resourceful and fearless, he built his first gasoline engine out of scavenged industrial scraps. It was the size of a sewing machine. From there, scene by scene, Richard Snow vividly shows Ford using his innate mechanical abilities, hard work, and radical imagination as he transformed American industry. Richard Snow masterfully weaves together a fascinating narrative of Ford's rise to fame through his greatest invention, the Model T. When Ford first unveiled this car, it took twelve and a half hours to build one. A little more than a decade later, it took exactly one minute. In making his car so quickly and so cheaply that his own workers could easily afford it, Ford created the cycle of consumerism that we still inhabit. Our country changed in a mere decade, and Ford became a national hero. But then he soured, and the benevolent side of his character went into an ever-deepening eclipse, even as the America he had remade evolved beyond all imagining into a global power capable of producing on a vast scale not only cars, but airplanes, ships, machinery, and an infinity of household devices. "I Invented the Modern Age "shows Richard Snow at the height of his powers as a popular historian and reclaims from history Henry Ford, the remarkable man who, indeed, invented the modern world as we know it.

Are we driving off a digital cliff and heading for disaster, unable to focus, maintain concentration, or form the human bonds that make life worth living? Are media and business doomed and about to be replaced by amateur hour?The world, as Nick Bilton—with tongue-in-cheek—shows, has been going to hell for a long, long time, and what we are experiencing is the twenty-first-century version of the fear that always takes hold as new technology replaces the old. In fact, as Bilton shows, the digital era we are part of is, in all its creative and disruptive forms, the foundation for exciting and engaging experiences not only for business but society as well.Both visionary and practical, I Live in the Future & Here’s How It Works captures the zeitgeist of an emerging age, providing the understanding of how a radically changed media world is influencing human behavior. I Live in the Future & Here’s How It Works walks its own talk by creating a unique reader experience: Semacodes embedded in both print and eBook versions will take readers directly to Bilton’s website (www.NickBilton.com), where they can access videos of the author further developing his point of view and also delve into the research that was key to shaping the central ideas of the book. The website will also offer links to related content and the ability to comment on a chapter, allowing the reader to join the conversation.

A fascinating fusion of memoir, manners, and cultural history from a successful businesswoman well versed in the unique challenges of working in contemporary China. During the course of a career that has, quite literarily, moved her around the world, no country has fascinated Eden Collinsworth more than China, where she has borne witness to its profound transformation. After numerous experiences there that might best be called "unusual" by Western standards, she concluded that despite China's growing status as a world economy, businessmen in mainland China were fundamentally uncomfortable in the company of their Western counterparts. This realization spawned an idea to work collaboratively with a major Chinese publisher on a Western etiquette guide, which went on to became a bestseller and prompted a branch of China's Ministry of Education to suggest that she create a curriculum for the school system. Innbsp;I Stand Corrected, Collinsworth tells the entertaining and insightful story of the year she spent living among the Chinese while writing a book featuring advice on such topics as the non-negotiable issue of personal hygiene, the rules of the handshake, and making sense of foreigners. Scrutinizing the kind of etiquette that has guided her own business career, one which has unfolded in predominately male company, Collinsworth creates a counterpart that explains Chinese practices and reveals much about our own Western culture. At the same time,nbsp;I Stand Correctednbsp;is a wry but self-effacing reflection on the peripatetic career she led while single-handedly raising her son, and here she details the often madcap attempts to strike a balance that was right for them both.

Bell Laboratories, which thrived from the 1920s to the 1980s, was the most innovative and productive institution of the twentieth century. Long before America's brightest scientific minds began migrating west to Silicon Valley, they flocked to this sylvan campus in the New Jersey suburbs built and funded by AT&T. At its peak, Bell Labs employed nearly fifteen thousand people, twelve hundred of whom had PhDs. Thirteen would go on to win Nobel prizes. It was a citadel of science and scholarship as well as a hotbed of creative thinking. It was, in effect, a factory of ideas whose workings have remained largely hidden until now.New York Times Magazine writer Jon Gertner unveils the unique magic of Bell Labs through the eyes and actions of its scientists. These ingenious, often eccentric men would become revolutionaries, and sometimes legends, whether for inventing radio astronomy in their spare time (and on the company's dime), riding unicycles through the corridors, or pioneering the principles that propel today's technology. In these pages, we learn how radar came to be, and lasers, transistors, satellites, mobile phones, and much more.Even more important, Gertner reveals the forces that set off this explosion of creativity. Bell Labs combined the best aspects of the academic and corporate worlds, hiring the brightest and usually the youngest minds, creating a culture and even an architecture that forced employees in different fields to work together, in virtually complete intellectual freedom, with little pressure to create moneymaking innovations.The history of Bell Labs provides crucial answers that can and should be applied today by anyone who wants to understand where good ideas come from.

In 2007 and 2008, Time named Paul Allen, the cofounder of Microsoft, one of the hundred most influential people in the world. Since he made his fortune, his impact has been felt in science, technology, business, medicine, sports, music, and philanthropy. His passion, curiosity, and intellectual rigor-combined with the resources to launch and support new initiatives-have literally changed the world. In 2009 Allen discovered that he had lymphoma, lending urgency to his desire to share his story for the first time. In this long-awaited memoir, Allen explains how he has solved problems, what he's learned from his many endeavors-both the triumphs and the failures-and his compelling vision for the future. He reflects candidly on an extraordinary life. The book also features previously untold stories about everything from the true origins of Microsoft to Allen's role in the dawn of private space travel (with SpaceShipOne) and in discoveries at the frontiers of brain science. With honesty, humor, and insight, Allen tells the story of a life of ideas made real.

In 1995, economist Rachel Kranton wrote future Nobel Prize-winner George Akerlof a letter insisting that his most recent paper was wrong. Identity, she argued, was the missing element that would help to explain why people—facing the same economic circumstances—would make different choices. This was the beginning of a fourteen-year collaboration—and of Identity Economics. Identity economics is a new way to understand people's decisions—at work, at school, and at home. With it, we can better appreciate why incentives like stock options work or don't; why some schools succeed and others don't; why some cities and towns don't invest in their futures—and much, much more. Identity Economics bridges a critical gap in the social sciences. It brings identity and norms to economics. People's notions of what is proper, and what is forbidden, and for whom, are fundamental to how hard they work, and how they learn, spend, and save. Thus people's identity—their conception of who they are, and of who they choose to be—may be the most important factor affecting their economic lives. And the limits placed by society on people's identity can also be crucial determinants of their economic well-being.

Humans are, first and foremost, social creatures. And this, according to the authors of I'll Have What She's Having, shapes--and explains--most of our choices. We're not just blindly driven by hard-wired instincts to hunt or gather or reproduce; our decisions are based on more than "nudges" exploiting individual cognitive quirks.I'll Have What She's Having shows us how we use the brains of others to think for us and as storage space for knowledge about the world. The story zooms out from the individual to small groups to the complexities of populations. It describes, among other things, how buzzwords propagate and how ideas spread; how the swine flu scare became an epidemic; and how focused social learning by a few gets amplified as copying by the masses. It describes how ideas, behavior, and culture spread through the simple means of doing what others do.It is notoriously difficult to change behavior. For every "Yes We Can" political slogan, there are thousands of "Just Say No" buttons. I'll Have What She's Having offers a practical map to help us navigate the complex world of social behavior, an essential guide for anyone who wants to understand how people behave and how to begin to change things.

Did you know that the most creative companies have centralized bathrooms? That brainstorming meetings are a terrible idea? That the color blue can help you double your creative output? From the New York Times best-selling author of How We Decide comes a sparkling and revelatory look at the new science of creativity. Shattering the myth of muses, higher powers, even creative "types," Jonah Lehrer demonstrates that creativity is not a single gift possessed by the lucky few. It's a variety of distinct thought processes that we can all learn to use more effectively. Lehrer reveals the importance of embracing the rut, thinking like a child, daydreaming productively, and adopting an outsider's perspective (travel helps). He unveils the optimal mix of old and new partners in any creative collaboration, and explains why criticism is essential to the process. Then he zooms out to show how we can make our neighborhoods more vibrant, our companies more productive, and our schools more effective. You'll learn about Bob Dylan's writing habits and the drug addictions of poets. You'll meet a Manhattan bartender who thinks like a chemist, and an autistic surfer who invented an entirely new surfing move. You'll see why Elizabethan England experienced a creative explosion, and how Pixar's office space is designed to spark the next big leap in animation. Collapsing the layers separating the neuron from the finished symphony, Imagine reveals the deep inventiveness of the human mind, and its essential role in our increasingly complex world.

Alpha still exists! But that doesn't mean it is easy to find, or even worth the pursuit. Larry Swedroe, author of the bestselling series of "The Only Guide" investment books, and co-author Andrew Berkin bring you the quantitatively chilling tale of "The Incredible Shrinking Alpha." As aficionados of classic science fiction, Swedroe and Berkin saw similarities between the monumental struggle of Scott Carey, novelist Richard Matheson's Incredible Shrinking Man, and that of every individual investor trying to beat the market. Swedroe and Berkin explain in academic yet simple terms what is happening to the alpha for which so many investors yearn. Offering compelling data from decades of academic research, Swedroe and Berkin present the hard truth as they know it - it's not worth the time or effort spent battling to win those few extra cake crumbs. Instead, focus on the things you can control and discover what life has to offer beyond the quest for alpha.

In The Index Card, Helaine Olen and Harold Pollack draw on years of experience researching and reporting on financial lives to present an accessible, one-stop guide to taking back your financial future. Beyond outlining rules for financial success, the authors also explain why so few people follow them. The answers to healthy finance, it turns out, are simple enough to fit on an index card. Armed with The Index Card, readers will gain the tools, knowledge and confidence to make the right decisions regarding their money.

The evidence-based approach to a more worthwhile portfolio The Index Revolution argues that active investing is a loser's game, and that a passive approach is more profitable in today's market. By adjusting your portfolio asset weights to match a performance index, you consistently earn higher rates of returns and come out on top in the long run. This book explains why, and describes how individual investors can take advantage of indexing to make their portfolio stronger and more profitable. By indexing investment operations at a very low cost, and trusting that active professionals have set securities prices as correctly as possible, you will achieve better long-term results than those who look down on passive approaches while following outdated advice that no longer works. "Beating the market" is much harder than it used to be, and investors who continue to approach the market with that mindset populate the rolls of market losers time and time again. This book explains why indexing is the preferred approach in the current investment climate, and destroys the popular perception of passive investing as a weak market strategy. Structure your portfolio to perform better over the long term Trust in the pricing and earn higher rates of return Learn why a passive approach is more consistent and worthwhile Ignore overblown, outdated advice that is doomed to disappoint All great investors share a common secret to success: rational decision-making based on objective information. The Index Revolution shows you a more rational approach to the market for a more profitable portfolio.

Will your next leader be insignificant-or indispensable?The importance of leadership and the impact of individual leaders has long been the subject of debate. Are they made 'by' history, or do they make it?In 'Indispensable', Harvard Business School professor Gautam Mukunda offers an enticingly fresh look at how and when individual leaders really can make a difference. By identifying and analyzing the hidden patterns of their careers, and by exploring the systems that place these leaders in positions of power, 'Indispensable' sheds new light on how we may be able to identify the best leaders and what lessons we can learn, from both the process and the result.Profiling a mix of historic and modern figures-from Thomas Jefferson and Abraham Lincoln to Winston Churchill and Judah Folkman-and telling the stories of how they came to power and how they made the most important decisions of their lives, 'Indispensable' reveals how, when, and where a single individual in the right place at the right time can save or destroy the organization they lead, and even change the course of history. 'Indispensable' will also help you understand this new model so you can use it in your own life-whether you're a citizen casting a ballot, an executive choosing your next CEO, or a leader trying to make your mark.

Thanks to its ability to innovate, the developed world will always have a distinct advantage over the developing world, right? Not according to leading management experts Nirmalya Kumar and Phanish Puranam. In India Inside, the authors draw on their research to show how India is already turning this assumption on its head—often in ways invisible to consumers in the developed world. Through their research and extensive interviews with India-based executives from such companies as AstraZeneca, GE, Infosys, Intel, and Wipro, the authors unveil the dramatic rise in invisible innovation occurring in India—from B2B products and R&D outsourcing to process and management innovation. The book also illuminates Indian companies’ growing ability to innovate consumer products that are compact, low-cost, efficient, and robust in the face of harsh environmental conditions. The authors’ analysis makes clear that for certain kinds of innovation, the long-held monopoly of the developed world is over. India Inside provides a wake-up call for executives and policy makers in the developed world and a clear-eyed view of both the challenges and opportunities facing multinationals seeking new sources of innovation in the future.

The industrial revolution was the single most important development in human history over the past three centuries, and it continues to shape the contemporary world. With new methods and organizations for producing goods, industrialization altered where people live, how they play, and even how they define political issues. By exploring the ways the industrial revolution reshaped world history, this book offers a unique look into the international factors that started the industrial revolution and its global spread and impact. In the fourth edition, noted historian Peter N. Stearns continues his global analysis of the industrial revolution with new discussions of industrialization outside of the West, including the study of India, the Middle East, and China. In addition, an expanded conclusion contains an examination of the changing contexts of industrialization. The Industrial Revolution in World Historyis essential for students of world history and economics, as well as for those seeking to know more about the global implications of what is arguably the defining socioeconomic event of modern times.

As Wall Street rose to dominate the U.S. economy, income and pay inequalities in America came to dance to the tune of the credit cycle. As the reach of financial markets extended across the globe, interest rates, debt, and debt crises became the dominant forces driving the rise of economic inequality almost everywhere. Thus the "super-bubble" that investor George Soros identified in rich countries for the two decades after 1980 was a super-crisis for the 99 percent-not just in the U.S. but the entire world. Inequality and Instabilitydemonstrates that finance is the driveshaft that links inequality to economic instability. The book challenges those, mainly on the right, who see mysterious forces of technology behind rising inequality. And it also challenges those, mainly on the left, who have placed the blame narrowly on trade and outsourcing. Inequality and Instability presents straightforward evidence that the rise of inequality mirrors the stock market in the U.S. and the rise of finance and of free-market policies elsewhere. Starting from the premise that fresh argument requires fresh evidence, James K. Galbraith brings new data to bear as never before, presenting information built up over fifteen years in easily understood charts and tables. By measuring inequality at the right geographic scale, Galbraith shows that more equal societies systematically enjoy lower unemployment. He shows how this plays out inside Europe, between Europe and the United States, and in modern China. He explains that the dramatic rise of inequality in the U.S. in the 1990s reflected a finance-driven technology boom that concentrated incomes in just five counties, very remote from the experience of most Americans-which helps explain why the political reaction was so slow to come. That the reaction is occurring now, however, is beyond doubt. In the aftermath of the Great Financial Crisis, inequality has become, in America and the world over, the central issue. A landmark work of research and original insight,Inequality and Instabilitywill change forever the way we understand this pivotal topic.

Inequality is one of our most urgent social problems. Curbed in the decades after World War II, it has recently returned with a vengeance. We all know the scale of the problemâe"talk about the 99% and the 1% is entrenched in public debateâe"but there has been little discussion of what we can do but despair. According to the distinguished economist Anthony Atkinson, however, we can do much more than skeptics imagine. Atkinson has long been at the forefront of research on inequality, and brings his theoretical and practical experience to bear on its diverse problems. He presents a comprehensive set of policies that could bring about a genuine shift in the distribution of income in developed countries. The problem, Atkinson shows, is not simply that the rich are getting richer. We are also failing to tackle poverty, and the economy is rapidly changing to leave the majority of people behind. To reduce inequality, we have to go beyond placing new taxes on the wealthy to fund existing programs. We need fresh ideas. Atkinson thus recommends ambitious new policies in five areas: technology, employment, social security, the sharing of capital, and taxation. He defends these against the common arguments and excuses for inaction: that intervention will shrink the economy, that globalization makes action impossible, and that new policies cannot be afforded. More than just a program for change, Atkinsonâe(tm)s book is a voice of hope and informed optimism about the possibilities for political action.

Over the past thirty years, the issue of economic inequality has emerged from the backwaters of economics to claim center stage in the political discourse of America and beyond - a change prompted by a troubling fact: numerous measures of income inequality, especially in the United States inthe last quarter of the twentieth century, have risen sharply in recent years. Even so, many people remain confused about what, exactly, politicians and media persons mean when they discuss inequality. What does "economic inequality" mean? How is it measured? Why should we care? Why did inequalityrise in the United States? Is rising inequality an inevitable feature of capitalism? What should we do about it? Inequality: What Everyone Needs to Know takes up these questions and more in plain and clear language, bringing to life one of the great economic and political debates of our age. Inequality expert James K. Galbraith has compiled the latest economic research on inequality and explains his findingsin a way that everyone can understand. He offers a comprehensive introduction to the study of economic inequality, including its philosophical and theoretical origins, the variety of concepts in wide use, empirical measures and their advantages and disadvantages, competing modern theories of thecauses and effects of rising inequality in the United States and worldwide, and a range of policy measures.The topic of economic inequality is going to become only more important as we approach the 2016 presidential elections. This latest addition to the popular What Everyone Needs to Know series from Oxford University Press will tell you everything you need to know to make informed opinions on thissignificant issue.

Get what you want, every time!Imagine a world where you are offered every job you seek; every business venture you undertake is successful; and every potential customer you approach buys your product. Now imagine that all of this can be achieved--ethically and honestly. All you need is the help of one battle-tested guide, The Influence Game. Former Washington, D.C. lobbyist Stephanie Vance dispenses everything she's learned about effective (and, believe it or not, honest) persuasion. Learn how to apply this power to any situation by using D.C. insider influence strategies and applying a step-by-step, easy-to-understand process for success. Learn how to develop and articulate effective goals Structure both long and short-term persuasion efforts Identify and research primary and secondary audiences Crafting those all important personal stories Stephanie Vance has seen the influence game from every angle. Follow her lead to get past being heard to the real goal of being agreed with.

Influence: Science and Practiceis an examination of the psychology of compliance (i.e. uncovering which factors cause a person to say “yes” to another's request).   Written in a narrative style combined with scholarly research, Cialdini combines evidence from experimental work with the techniques and strategies he gathered while working as a salesperson, fundraiser, advertiser, and in other positions inside organizations that commonly use compliance tactics to get us to say “yes.” Widely used in classes, as well as sold to people operating successfully in the business world, the eagerly awaited revision ofInfluencereminds the reader of the power of persuasion.   Cialdini organizes compliance techniques into six categories based on psychological principles that direct human behavior: reciprocation, consistency, social proof, liking, authority, and scarcity.

An Influencer motivates others to change.An Influencer replaces bad behaviors with powerful new skills.An Influencer makes things happen.Whether you're a CEO, a parent, or merely a person who wants to make a difference, you probably wish you had more influence with the people in your life. This thought-provoking audio combines the remarkable insights of behavioral scientists and business leaders with the astonishing stories of high-powered influencers from all walks of life. You'll be taught each and every step of the influence process—including robust strategies for making change inevitable in your personal life, your business, and your world.No matter who you are, or what you do, you'll never learn a more valuable or important set of principles and skills. Once you tap into the power of influence, you can reach out and help others work smarter, grow faster, live, look, and feel better, even save lives. The sky is the limit...for an Influencer.

America's economic revolution isn't just driven by technology. It's about markets. The past twenty-five years have witnessed a remarkable shift in how we get the stuff we want. If you’ve ever owned a business, rented an apartment, or shopped online, you've had a front-row seat for this revolution-in-progress. Breakthrough companies like Amazon and Uber have disrupted the old ways and made the economy work better--all thanks to technology. At least that's how the story of the modern economy is usually told. But in this lucid, wry book, Ray Fisman and Tim Sullivan show that the revolution is bigger than tech: it is really a story about the transformation of markets. From the auction theories that power Google's ad sales algorithms to the models that online retailers use to prevent internet fraud, even the most high-tech modern businesses are empowered by theory first envisioned by economists. And we're all participants in this revolution. Every time you book a room on Airbnb, hire a car on Lyft, or click on an ad, you too are reshaping our social institutions and our lives.The Inner Lives of Markets is necessary reading for the modern world: it reveals the blueprint for how we work, live, and shop, and offers wisdom for how to do it better.

In The Innovator’s DNA, authors Jeffrey Dyer, Hal Gregersen, and bestselling author Clayton Christensen (The Innovator’s Dilemma, The Innovator’s Solution) build on what we know about disruptive innovation to show how individuals can develop the skills necessary to move progressively from idea to impact. By identifying behaviors of the world’s best innovators—from leaders at Amazon and Apple to those at Google, Skype, and Virgin Group—the authors outline five discovery skills that distinguish innovative entrepreneurs and executives from ordinary managers: Associating, Questioning, Observing, Networking, and Experimenting. Once you master these competencies (the authors provide a self assessment for rating your own innovator’s DNA), the authors explain how you can generate ideas, collaborate with colleagues to implement them, and build innovation skills throughout your organization to sharpen its competitive edge. That innovation advantage can translate into a premium in your company’s stock price—an innovation premium—which is possible only by building the code for innovation right into your organization’s people, processes, and guiding philosophies. Practical and provocative, The Innovator’s DNA is an essential resource for individuals and teams who want to strengthen their innovative prowess.

What is the best way for a company to innovate? That's exactly the wrong question. The better question: How can organizations get the maximum possible value from their innovation investments? Advice recommending "innovation vacations" and the luxury of failure may be wonderful for organizations with time to spend and money to waste. But this book addresses the innovation priorities of companies that live in the real world of limits. They want fast, frugal, and high impact innovations. They don't just seek superior innovation, they want superior innovators. In The Innovator's Hypothesis, innovation expert Michael Schrage advocates a cultural and strategic shift: small teams, collaboratively -- and competitively -- crafting business experiments that make top management sit up and take notice. Creativity within constraints -- clear deadlines and clear deliverables -- is what serious innovation cultures do. Schrage introduces the 5X5 framework: giving diverse teams of five people up to five days to come up with portfolios of five business experiments costing no more than $5,000 each and taking no longer than five weeks to run. The book describes multiple portfolios of 5X5 experiments drawn from Schrage's advisory work and innovation workshops worldwide. These include financial service approaches for improving customer service and addressing security challenges; a pharmaceutical company's hypotheses for boosting regulatory compliance; and a diaper divisions' efforts to give babies and parents alike better "diapering experiences" with glow-in-the-dark adhesives, diagnostic capability, and bundled wipes. Schrage's 5X5 is enterprise innovation gone viral: Successful 5X5s make people more effective innovators, and more effective innovators mean more effective innovations.

Stephen Axilrod is the ultimate Federal Reserve insider. He worked at the Fed's Board of Governors for more than thirty years and after that in private markets and as a consultant on monetary policy. With Inside the Fed, he offers his unique perspective on the inner workings of the Federal Reserve System during the last fifty years—writing about personalities as much as policy—based on his knowledge and observations of every Fed chairman since 1951. This new,post-financial meltdown edition offers his assessment of the Fed's action (and inaction) during the crisis and expanded coverage of the Fed in the Bernanke era. In this revised edition, Axilrod gives an account of the Fed's dramatic, even mind-bending, experiences in the great credit crisis of 2007-2009. He assesses the full range of the Fed's unusual and innovative actions during the crisis and the beginnings of its aftermath. He questions whether the Fed used its monetary and regulatory powers to full effect to minimize and contain the disruption of the nation's—and the world's—financial stability. And, in an entirely new chapter, he evaluates Bernanke's performance through his full first term (as well as the early part of his second) in light of his actions during the crisis. In later chapters he also reevaluates the image, stature, and structure of the Fed in the aftermath of the crisis and the new comprehensive financial legislation subsequently enacted.Great leadership in monetary policy, Axilrod says, is determined not by pure economic sophistication but by the ability to push through political and social barriers to achieve a paradigm shift in policy—and by the courage and bureaucratic moxie to pull it off.

This book looks at the behavior of individuals at risk, insurance industry decision makers, and policy makers at the local, state, and federal level involved in the selling, buying, and regulating of insurance. It compares their actions to those predicted by benchmark models of choice derived from classical economic theory. Where actual choices stray from predictions, the behavior is considered to be anomalous. Howard C. Kunreuther, Mark Pauly, and Stacey McMorrow attempt to understand why these anomalies sometimes occur and sometimes do not, in many cases using insights from behavioral economics. The authors then consider if and how such behavioral anomalies could be modified to improve individual and social welfare. This book is in no way a defense of the insurance industry nor an attack on it. Neither is it a consumer guide to purchasing insurance, although the authors believe that consumers will benefit from the insights it contains. Rather, this book describes situations in which both public policy and the insurance industry's collective posture need to change. This may require incentives, rules, and institutions to help reduce both inefficient and anomalous behavior, thereby encouraging behavior that will improve individual and social welfare.

"There is arguably no award more recognized in the academic and professional worlds than the Nobel Prize. The public pays attention to the prizes in the fields of economics, literature, and peace because their recipients are identified with particular ideas, concepts, or actions that often resonate with or sometimes surprise a global audience. The Nobel Prize in Economic Science established by the Bank of Sweden in 1969 has been granted to 64 individuals. Thomas Karier explores the core ideas of the economic theorists whose work led to their being awarded the Nobel in its first 40 years. He also discusses the assumptions and values that underlie their economic theories, revealing different and controversial features of the content and methods of the discipline. The Nobelists include Keynesians, monetarists, financial economists, behaviorists, historians, statisticians, mathematicians, game theorists, and other innovators. Rich in biographical details, illuminating the modern history of the discipline as a whole, Intellectual Capital allows an audience of lay and professional readers to readily understand the notions that define modern economic science and practice. It pointedly asks, and answers, whether the prizes have been awarded to those economists "who have during the previous year rendered the greatest service to mankind.""--

We turn on the lights in our house from a desk in an office miles away. Our refrigerator alerts us to buy milk on the way home. A package of cookies on the supermarket shelf suggests that we buy it, based on past purchases. The cookies themselves are on the shelf because of a "smart" supply chain. When we get home, the thermostat has already adjusted the temperature so that it's toasty or bracing, whichever we prefer. This is the Internet of Things -- a networked world of connected devices, objects, and people. In this book, Samuel Greengard offers a guided tour through this emerging world and how it will change the way we live and work. Greengard explains that the Internet of Things (IoT) is still in its early stages. Smart phones, cloud computing, RFID (radio-frequency identification) technology, sensors, and miniaturization are converging to make possible a new generation of embedded and immersive technology. Greengard traces the origins of the IoT from the early days of personal computers and the Internet and examines how it creates the conceptual and practical framework for a connected world. He explores the industrial Internet and machine-to-machine communication, the basis for smart manufacturing and end-to-end supply chain visibility; the growing array of smart consumer devices and services -- from Fitbit fitness wristbands to mobile apps for banking; the practical and technical challenges of building the IoT; and the risks of a connected world, including a widening digital divide and threats to privacy and security. Finally, he considers the long-term impact of the IoT on society, narrating an eye-opening "Day in the Life" of IoT connections circa 2025.

Whether hailed as heroes or cast as threats to social order, entrepreneurs—and their innovations—have had an enormous influence on the growth and prosperity of nations. The Invention of Enterprise gathers together, for the first time, leading economic historians to explore the entrepreneur's role in society from antiquity to the present. Addressing social and institutional influences from a historical context, each chapter examines entrepreneurship during a particular period and in an important geographic location. The book chronicles the sweeping history of enterprise in Mesopotamia and Neo-Babylon; carries the reader through the Islamic Middle East; offers insights into the entrepreneurial history of China, Japan, and Colonial India; and describes the crucial role of the entrepreneur in innovative activity in Europe and the United States, from the medieval period to today. In considering the critical contributions of entrepreneurship, the authors discuss why entrepreneurial activities are not always productive and may even sabotage prosperity. They examine the institutions and restrictions that have enabled or impeded innovation, and the incentives for the adoption and dissemination of inventions. They also describe the wide variations in global entrepreneurial activity during different historical periods and the similarities in development, as well as entrepreneurship's role in economic growth. The book is filled with past examples and events that provide lessons for promoting and successfully pursuing contemporary entrepreneurship as a means of contributing to the welfare of society. The Invention of Enterprise lays out a definitive picture for all who seek an understanding of innovation's central place in our world.

A new look at energy industry economics from an expert investor Offering a fresh perspective on the economics of the energy industry, Investing in Energy: A Primer on the Economics of the Energy Industry is essential reading for anyone interested in the investmentopportunities afforded in this rapidly expandingand diversifying field. Written by an industry researcher and investment advisor with twenty years of insider experience, the book presents an in-depth look at the economics of energy, providing bankable advice on the two major sources of energy being used today: gas and oil, as well as coverage of new and emerging green and alternative power sources. Reflecting on theinvestment opportunities presented by each option,the book empowers readers—from seasoned investorsto those just starting out in the world of energy economics—to make informed choices about what to do with their money in the rapidly changing world of energy investment. From big oil companies to emerging cap-and-trade policies, Investing in Energy offers the most complete coverage of the economics of the energy industry available.

In this updated second edition, well-known investment author Hagstrom explores basic and fundamental investing concepts in a range of fields outside of economics, including physics, biology, sociology, psychology, philosophy, and literature. He discusses, for instance, how the theory of evolution disrupts the notion of the efficient market and how reading strategies for literature can be gainfully applied to investing research. Building on Charlie Munger's famous "latticework of mental models" concept, Hagstrom argues that it is impossible to make good investment decisions based solely on a strong knowledge of finance theory alone. He reinforces his concepts with additional data and a new chapter on mathematics, and updates his text throughout to reflect the developments of the past decade, particularly the seismic economic upheaval of 2008. He has also added a hundred new titles to the invaluable reading list concluding the book.

Investing-the commitment of resources to achieve a return-affects individuals, families, companies, and nations, and has done so throughout history. Yet until the sixteenth century, investing was a privilege of only the elite classes. The story behind the democratization of investing is bound up with some of history's most epic events. It is also a tale rich with lessons for professional and everyday investors who hope to make wiser choices. This entertaining history doubles as a sophisticated account of the opportunities and challenges facing the modern investor. It follows the rise of funded retirement; the evolution of investment vehicles and techniques; investment misdeeds and regulatory reform; government economic policy; the development of investment theory; and the emergence of new investment structures. Norton Reamer and Jesse Downing map these trends and profile the battle between low cost index and exchange-traded funds, on the one hand, and the higher-fee hedge funds and private equity, on the other. By helping us understand this history and its legacy of risk, Reamer and Downing hope to better educate readers about the individual and societal impact of investing and ultimately level the playing field.

Even the most experienced investors in the world can screw up—and don’t let anyone tell you otherwise. Whether you’re an old pro with a well-designed portfolio or a newbie investor just starting out, bestselling author Larry Swedroe with RC Balaban can show you how to “live and learn” from others’ mistakes—and invest in good times and bad. Be warned: This groundbreaking guide will shatter the myths about money you’ve come to accept and challenge the conventional wisdom you’ve received from friends, advisors, and other “experts. By exposing these all-too-common mistakes, one by one, you’ll be able to rethink your strategy and reinvest in your future with confidence. You’ll discover the truth about misleading demographics, “high-return” investments, active managers, and other resources you should—or shouldn’t—trust.You’ll learn the actual devastating effect taxes can have on your returns if you use the wrong strategy. You’ll learn the wrong way and the right way to build your portfolio, diversify your accounts, and plan for your family’s future. Most important, this book will show you how to avoid making the investment mistakes you used to make and how to give yourself the best chance of achieving your financial goals. Filled with insider insight, need-to-know advice, and revealing case studies, this is the one book smart investors can learn from—and even smarter investors can invest in.

Economist Leeson leads readers though a surprisingly entertaining crash course in economics in this study of high seas piracy at the turn of the 18th century. Far from being the bloodthirsty fiends portrayed in popular culture, pirates created a harmonious social order; through the application of rational choice theory, the author explains how a common pursuit of individual self-interest led pirates to create self-regulating, democratic societies aboard their ships, complete with checks and balances, more than half a century before the American and French revolutions brought such models to state-level governance. Understanding the profit motive that guided pirates' actions reveals why pirates so cruelly tortured the crews of ships that resisted boarding, yet treated those who surrendered readily with the utmost respect. Both practices worked to minimize costs to the pirate crew by discouraging resistance that could lead to loss of life and limb for pirates and damage to either the pirates' ship or the cargo aboard. Illustrated with salty tales of pirates both famous and infamous, the book rarely bogs down even when explaining intricate economic concepts, making it a great introduction to both pirate history and economic theory.

The New York Times bestselling author of Contagious explores the subtle, secret influences that affect the decisions we make—from what we buy, to the careers we choose, to what we eat—in this fascinating and groundbreaking work. If you’re like most people, you think that your choices and behaviors are driven by your individual, personal tastes, and opinions. You wear a certain jacket because you liked the way it looked. You picked a particular career because you found it interesting. The notion that our choices are driven by our own personal thoughts and opinions is patently obvious. Right? Wrong. Without our realizing it, other people’s behavior has a huge influence on everything we do at every moment of our lives, from the mundane to the momentous occasion. Even strangers have a startling impact on our judgments and decisions: our attitudes toward a welfare policy shift if we’re told it is supported by Democrats versus Republicans (even though the policy is the same in both cases). But social influence doesn’t just lead us to do the same things as others. In some cases we conform, or imitate others around us. But in other cases we diverge, or avoid particular choices or behaviors because other people are doing them. We stop listening to a band because they go mainstream. We skip buying the minivan because we don’t want to look like a soccer mom. In his surprising and compelling Invisible Influence, Jonah Berger integrates research and thinking from business, psychology, and social science to focus on the subtle, invisible influences behind our choices as individuals. By understanding how social influence works, we can decide when to resist and when to embrace it—and how we can use this knowledge to make better-informed decisions and exercise more control over our own behavior.

The discipline of economics is not what it used to be. Over the last few decades, economists have begun a revolutionary reorientation in how we look at the world, and this has major implications for politics, policy, and our everyday lives. For years, conventional economists told us an incomplete story that leaned on the comfortable precision of mathematical abstraction and ignored the complexity of the real world with all of its uncertainties, unknowns, and ongoing evolution. What economists left out of the story were the positive forces of creativity, innovation, and advancing technology that propel economies forward. Economists did not describe the dynamic process that leads to new pharmaceuticals, cell phones, Web-based information services-forces that fundamentally alter how we live our daily lives. Economists also left out the negative forces that can hold economies back: bad governance, counterproductive social practices, and patterns of taking wealth instead of creating it. They took for granted secure property rights, honest public servants, and the willingness of individuals to experiment and adapt to novelty. From Poverty to Prosperity is not Tipping Point or Freakonomics. Those books offer a smorgasbord of fascinating findings in economics and sociology, but the findings are only loosely related. From Poverty to Prosperity on the other hand, tells a big picture story about the huge differences in the standard of living across time and across borders. It is a story that draws on research from the world's most important economists and eschews the conventional wisdom for a new, more inclusive, vision of the world and how it works.

In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize–winning economist Robert Shiller, who warned of both the tech and housing bubbles, now cautions that signs of irrational exuberance among investors have only increased since the 2008–9 financial crisis. With high stock and bond prices in the United States, and rising housing prices in many countries, the post-subprime boom may well turn out to be another illustration of Shiller’s influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. But Irrational Exuberance is about something far more important than the current situation in any given market because the book explains the forces that move all markets up and down. It shows how investor euphoria can drive asset prices up to dizzying and unsustainable heights, and how, at other times, investor discouragement can push prices down to very low levels. Previous editions covered the stock and housing markets—and famously predicted their crashes. This new edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. This edition also includes updated data throughout, as well as Shiller’s 2013 Nobel Prize lecture, which puts the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity—and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read it. For more information, including new developments and regular data updates, please go to www.irrationalexuberance.com

"One of the most mesmerizing and important books I've read in quite some time. Alter brilliantly illuminates the new obsessions that are controlling our lives and offers the tools we need to rescue our businesses, our families, and our sanity." --Adam Grant, New York Times bestselling author of Originals and Give and Take Welcome to the age of behavioral addiction--an age in which half of the American population is addicted to at least one behavior. We obsess over our emails, Instagram likes, and Facebook feeds; we binge on TV episodes and YouTube videos; we work longer hours each year; and we spend an average of three hours each day using our smartphones. Half of us would rather suffer a broken bone than a broken phone, and Millennial kids spend so much time in front of screens that they struggle to interact with real, live humans.   In this revolutionary book, Adam Alter, a professor of psychology and marketing at NYU, tracks the rise of behavioral addiction, and explains why so many of today's products are irresistible. Though these miraculous products melt the miles that separate people across the globe, their extraordinary and sometimes damaging magnetism is no accident. The companies that design these products tweak them over time until they become almost impossible to resist.   By reverse engineering behavioral addiction, Alter explains how we can harness addictive products for the good--to improve how we communicate with each other, spend and save our money, and set boundaries between work and play--and how we can mitigate their most damaging effects on our well-being, and the health and happiness of our children. Adam Alter's previous book, Drunk Tank Pink: And Other Unexpected Forces that Shape How We Think, Feel, and Behave is available in paperback from Penguin.